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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2011
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Properties And Discontinued Operations | Acquisition and Disposition of Properties and Discontinued Operations A. Acquisition and Disposition of Properties Acquisitions The Company acquired the following properties through its Core Portfolio, Fund III and Fund II as follows: Core Portfolio During September 2011, acquired a 50% equity interest in an entity which owns a six property portfolio (the “Georgetown Portfolio”) located in Washington, D.C. for a purchase price of $13.4 million, which included the assumption of 50% of in-place debt of $9.2 million, inclusive of the Company's existing mezzanine loan to the entity (Note 5). During August 2011, acquired a six property portfolio located in Chicago, Illinois for $18.0 million. During August 2011, acquired a newly constructed 13,000 square foot property located in the Bronx, New York for $9.1 million. During June 2011, acquired a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million. During May 2011, acquired a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million. The Company expensed $0.8 million of costs related to these 2011 Core Portfolio acquisitions. Fund III During December 2011, acquired New Hyde Park Shopping Center, a 31,500 square foot center, located in New Hyde Park, NY, for approximately $11.3 million. During December 2011, in a venture with an unaffiliated partner, acquired Parkway Crossing, a 260,000 square foot center located in Baltimore, MD for approximately $21.6 million. During December 2011, in a venture with an unaffiliated partner, acquired 654 Broadway, an 18,700 square foot property located in New York City for approximately $13.3 million. During April 2011, acquired a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois for $31.6 million. During February 2011, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties. During February 2011, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property. The Company expensed $0.6 million of costs related to these 2011 Fund III acquisitions. During December 2010, in a joint venture with an unaffiliated partner, acquired White City Shopping Center, a 255,000 square foot center located in Shrewsbury, Massachusetts for $56.0 million. During January 2009, acquired the 641,000 square foot Cortlandt Towne Center in Cortlandt, NY for $78.0 million and expensed $0.2 million of costs associated with this acquisition. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued The following table sets forth a summary of the finalized acquisition purchase price consideration of each major class of assets acquired and liabilities assumed in the 2011 acquisitions discussed above:
|  |  |  | Total Purchase Price Consideration
(dollars in thousands) |  |  |
Land |  |  |  | $ | 24,993 |
Buildings and improvements |  | 39,594 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 9,945 |
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (627 | )
Total consideration |  |  | $ | 73,905 |
Fund II Prior to June 30, 2010, the Company, through Fund II in a joint venture with an unaffiliated partner, California Urban Investment Partners, LLC (“CUIP”), owned a leasehold interest in CityPoint, a mixed-use, redevelopment project located in downtown Brooklyn, New York. Fund II owned a 75% interest in the retail component, a 50% interest in the office component and no interest in the residential component of CityPoint. CUIP owned the remaining interests in the retail and office components and 100% of the residential component of the project. Accordingly, Fund II’s investment represented 24.75% of the overall original acquisition cost and subsequent carry and pre-development costs and was accounted for using the equity method. During June 2010, Fund II acquired all of CUIP’s interest in CityPoint for $9.2 million (the “Transaction”), consisting of a current payment of $2.0 million and deferred payments, potentially through 2020, aggregating $7.2 million. Fund II also assumed CUIP’s share of the first mortgage debt of $19.6 million. The Transaction was a business combination achieved in stages and, as a result, Fund II was required to report its entire investment in CityPoint at fair market value. Based on a June 30, 2010 third-party appraisal, CityPoint was valued at $108.0 million which resulted in Fund II recording a non-cash gain from bargain purchase of approximately $33.8 million. A majority of the gain was attributable to the components of CityPoint that was acquired as the book value of the Company’s original investment approximated fair value. The Operating Partnership’s share of this gain, net of the noncontrolling interests’ share, totaled $6.3 million.As a result of the Transaction, the Company changed its method of accounting for CityPoint from the equity method and now consolidates CityPoint in its consolidated financial statements. As CityPoint is currently in the redevelopment stage, there are no revenues or earnings from CityPoint included in the Company’s consolidated statements of income for the years ended December 31, 2011, 2010 and 2009. Dispositions During 2011 and 2009, the Company disposed of the following properties:
(dollars in thousands) Property |  | Owner |  | Year Sold |  | Sales Price |  | Gain (Loss) |  | GLA
Fifteen Kroger/Safeway locations |  | Fund I |  | 2011 |  | $ | 17,490 |  |  | $ | 14,645 |  |  | 617,276 |
Granville Centre |  | Fund I |  | 2011 |  | 2,250 |  |  | (313 | ) |  | 134,997 |
Ledgewood Mall |  | Core Portfolio |  | 2011 |  | 37,000 |  |  | 28,576 |  |  | 517,151 |
Oakbrook |  | Fund II |  | 2011 |  | 8,200 |  |  | 3,922 |  |  | 112,000 |
Blackman Plaza |  | Core Portfolio |  | 2009 |  | 2,500 |  |  | 1,506 |  |  | 125,264 |
Six Kroger locations |  | Fund I |  | 2009 |  | 9,481 |  |  | 5,637 |  |  | 277,700 |
Total |  |  |  |  |  | $ | 76,921 |  |  | $ | 53,973 |  |  | 1,784,388 |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued B. Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. The combined assets and liabilities as of December 31, 2010, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009, are summarized as follows:
BALANCE SHEET |  |  |
ASSETS |  | December 31, 2010
(dollars in thousands) |  |  |
Net real estate |  | $ | 20,981 |
Rents receivable, net |  | 649 |
Deferred charges, net of amortization |  | 2,016 |
Prepaid expenses and other assets, net |  | 155 |
Total assets of discontinued operations |  | $ | 23,801 |
LIABILITIES |  |  |
Accounts payable and accrued expenses |  | $ | 233 |
Other liabilities |  | 342 |
Total liabilities of discontinued operations |  | $ | 575 |
|  | Years ended December 31,
STATEMENTS OF OPERATIONS |  | 2011 |  | 2010 |  | 2009
(dollars in thousands) |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 5,309 |  |  | $ | 11,913 |  |  | $ | 12,902 |
Total expenses |  | 3,047 |  |  | 8,581 |  |  | 9,183 |
Operating income |  | 2,262 |  |  | 3,332 |  |  | 3,719 |
Loss on impairment of asset |  | (6,925 | ) |  | — |  |  | — |
Gain on sale of property |  | 46,830 |  |  | — |  |  | 7,143 |
Income from discontinued operations |  | 42,167 |  |  | 3,332 |  |  | 10,862 |
(Income) from discontinued operations attributable to noncontrolling interests |  | (10,674 | ) |  | (1,535 | ) |  | (6,303 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 31,493 |  |  | $ | 1,797 |  |  | $ | 4,559 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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